anamaria

Yes, Yes Yes..I have read all of the comments about using travelers checks or ATM's. Last year we used our credit card for cash advances and payed an unbelievable 3%. It was unbelievable. Suze says "traveler's checks work fine" but Anthony says no to travelers checks.Everyone has a mixed response. What is the pre-loaded Travel Card? Or would it be better to buy the Euros before you go? And if you got Travelers checks get American Express? Ira says bring c.card for ATM advances and a backup of travlers checks.We are going to be in Italy and Greece for a total of 21 days in August. I still have time to figure this out.If you Fodorites are not to tired of answering the other posts I would really appreciate a response.Thanks

Underhill

You definitely don't want to use a credit card for cash advances; ATMs work fine and don't incur the whopping c/c charges.

Travellers' checks are a pain to cash--not all banks will handle them (and if they do it can mean a long wait), merchants generally will not. You might want to buy one for, say, $100 and keep it as emergency money, but the rest of the time just use your ATM (not credit) card. ATM withdrawals are NOT cash advances; the amount comes out of your checking or savings account, whatever the card is linked to.

tomboy

Ditto the above response, but then, it appears you have read much of the ATM discussion. What response would you like to get??

Trophywife007

Perhaps you should compare what kind of rate you will receive after paying the fee required to purchase traveler's checks, then see what kind of exchange rate you might get when exchanging them into euro. That 3 percent might start looking pretty good. Ditto for buying euro before you go... what kind exchange rate would you get exchanging money at home?

Ultimately, if you're stuck for cash, three percent is a bargain.

Why not have several strategies available to you - cash, T/Cs, atm cards, credit cards, etc. then you'll always have a back-up. You'll also then be able to decide what works best for you and the way you like to travel. (If you're responsible for a family of 5, you'll definitely want back up!)

All the best to you!

janisj

Ditto the above. Is it possible you thought a credit card advance was the same as using an ATM card? If so, that was your mistake. NEVER (unless your life depends on it - and even then I'd have second thoughts) use a credit card to get cash.

Use an ATM card to get cash, and credit cards to charge things. No traveler's Cheques, no exchanging cash for € should be necessary except in extreme situations.

janisj

oops - my "ditto" referred to Underhill and tomboy's responses.

logos999

I have 600€ with me in travellers cheques whenever I travel to a foreign country (could have been $$ or whatever as well doesn't matter. The exchange rate is non an issue here).
The only purpose is not to be anywhere without money or shelter. Always have a (last) alternative when things might go badly wrong. I had to use a check in the south seas years ago, but other than that I'll carry my checks "around the world" hopefully for many years to come ;-).

P_M

"Ira says bring c.card for ATM advances and a backup of travlers checks"

There is no way a seasoned traveler like Ira would tell anyone to bring a CREDIT card to use in the ATM. Ira knows as well as anyone that using a credit card in an ATM will result in astronomical fees, and should only be done in an extreme emergency.

Are you sure he didn't tell you to use a debit card? There's a huge difference. By using a debit card the only fees you will incur are the 1% markup on the exchange plus whatever fee your bank charges. If that fee is more than $2-$3, then open an account at another bank for travel purposes.

Using TC's as a primary source of exchange will result in at least a 7% mark-up on the exchange, plus they could still add a flat fee. And to boot, you will have a helluva time finding a place to do it!!

Regarding the Travel Card, I have never seen any good poster on this board recommend it, as it's such a rip-off.

You say you are getting mixed responses, but I don't see how it's so mixed. Every seasoned traveler agrees that the ATM is best, and that's the most important thing to know. Some people here like to buy a few euros before leaving, some a OK with just waiting until they arrive at the airport to get euros at the ATM.

I am going to recommend the following: First of all, of course, use your ATM card as you primary means of exchange. Period. Secondly, if it gives you peace of mind to have euros in your pocket upon arrival, then get some before leaving. But not too many, as you will get a terrible exchange. Third, and once again do this if it gives you peace of mind, take TC's in US$ as a back-up. You will not use them because you will get all of your cash from the ATM, so that's why it's important they s/b in US$, as you will deposit them back into your bank upon your return home.

Have a great trip.

anamaria

Thanks P M...Ira actually says in another post to open a checking account and put the travel money in it. Take also a credit card and bring a back up of tc;s.Your idea and Ira's sound good. On that same post Suze suggested a Travel Card which I had never heard of.Anyway I have gotten greaat responses and hope they keep coming, especially since I am not leaving till August.

anamaria

I forgot to preview what I wrote before.... Open checking account and put travel money in it and get a ATM for that account.

Carolina

I travel for three months every year to England, Greece and sometimes Italy.
I take:
1. credit cards (but rarely use them)
2. ATM card (for back up)
3. Euros - enough for a few days
4. Travellers' cheques in dollars
I prefer American Express cheques because their offices don't charge to cash them. I like travellers' cheques because I want to draw out more than the daily limit that my ATM allows. I also find it easier to keep track of my spending.
In Greece, cash is preferred to credit cards. There are plenty of ATMs and plenty of places to cash travellers' cheques. Last year, the banks went on strike in Greece and most ATMs ran out of cash pretty quickly. I would never rely on one method alone! If you have credit and debit cards you can usually find restaurants etc. that will take them but it is very annoying not having cash for small purchases (the odd drink, sunbeds, bus fares etc.)
Different methods work for different people so you will not get agreement on this question as everyone's circumstances are different.
Good luck,
Carolena

GSteed

All good advice! But, each is based on personal preferences. "Best bang for the buck?" USA dollars. "Safest?", AX Travellers Checks. "Most convenient?", Visa or MasterCard credit card. "Local cash?",hands down, ATM Debit card. Cash and cards are subject to theft or loss; solution, split money with five in party, Get each five, credit cards and have a small daily draw limit installed. Do the same with the ATM debit card. Extra...make 5 copies of 'critical' papers and such; give everyone a set.

Amart

AMX TRavelers checks are for emergencies only and only in large cities at that. You will find AMX offices that you can cash them, if you stand in line --took 2 hours to cash in Paris. The only other place to take them was a tiny bakery --we were able to get some cash back this way. We tried in Rome, Florence, Venice, Murren, throughout France, and then Paris. Thank goodness we didn't have to rely on them.

nytraveler

Anamaria -

You may think that 3% on an ATM is unbelievable - but changing either cash or travelers checks will cost you in the region of 9 or 10% - you just don't know it because you haven;t run the numbers includng the difference in the rate of exchange between the interbank rate and the individual rate.

Using an ATM card to draw cash diret from your checking account is the cheapest way to go. If you want to pay less than 3% shop for a cheaper bank.

alanRow

<<<"Best bang for the buck?" USA dollars>>>

Not in Europe it ain't, the days of waving USD & a pair of nylon stockings to get what you want are long gone

It's ATM debit card to get day to day cash & CC's for purchases - car hire, hotel, shopping.

Just one note whilst most banks will charge a %age of what you withdraw from an ATM they' may have a minimum charge for doing so. So withdraw a few larger sums rather than lots of small amounts.

MelissaBeckoff

Is there a fee if you use your debit card to buy or pay for something?

melissa

anamaria

ny traveler, I hadn't thought of that.You are right I have never changed a travelers check in Europe. Last year we spent 500.00 on fee's, so I am trying to avoid that this year.With all the comments I am getting I should be able to figure this problem out.So many FODORITES have great ideas.

ilovetotravel29

Purchase euros when you are there. Or use your item. Better than the hassle of traveler's checks.

MelissaBeckoff

I have a question. I just spoke with AAA and they offer The Visa Travel Money Card. This is where you get a Visa account in which you deposit money into the account and then can access it in Europe when needed.This can also be reloaded with more cash from your bank account when needed.This can be used for cash advances and purchareses.
AAA told me the advantage to using this product is there is no name on the card so if it is lost or stolen it can't be used and that there is no fee for purchaes, just $2.00 when used to get cash.
Does anybody have experience with this?
Thanks

Melissa

janisj

Melissa: No, <u>you do not want a Travel Money Card</u>. Repeat after me: &quot;ATM for cash, credit card for everything else, ATM for cash, credit card for everything else, ATM for cash, credit card for everything else!!&quot;

The main thing money cards do is make up for all the profit AMEX/Visa/AAA used to make selling travelers checks.

You pay a fee to open the card, pay a fee to fill it w/ more money, pay a fee to get cash from a foreign ATM, pay a fee to make purchases, AND even pay a fee to close the account and get your own money out.